EUROPEAN UTILITIES TRUST PLC

The net asset value per Ordinary Income share of European Utilities Trust plc
as at the close of business on 30 November 2003 was 103.87p.

The analysis of the net assets at 30 November 2003 by geographical area is as
follows:

Belgium                         2%
                                  
Finland                         4%
                                  
France                          3%
                                  
Germany                         7%
                                  
Greece                          8%
                                  
Italy                          18%
                                  
Norway                          0%
                                  
Portugal                       11%
                                  
Spain                          16%
                                  
Switzerland                     0%
                                  
United Kingdom                 30%
                                  
United Kingdom (bonds)          0%
                                  
Cash                            1%
                                  
                              100%
                                  

02.12.03



END